IIFCL to double aid for infra projects

Indian Infrastructure Finance Company (IIFCL) today said it will provide Rs 6,000 crore for infrastructure projects during the current fiscal, which is nearly double the amount disbursed by it during 2008-09.   

"Till March 2009 (since its inception), the company has disbursed a total of Rs 4,900 crore to various infrastructure projects. This year, we aim to disburse around Rs 6,000 crore," IIFCL Chairman and Managing Director S S Kohli told reporters here.   

IIFCL, which was set up as an infrastructure sector finance company, disbursed Rs 3,200 crore for various projects during 2008-09.     

Answering questions on IIFCL's exposure in 3,900-MW ultra mega power project being developed by Anil Ambani-led Reliance Power at Sasan in Madhya Pradesh, Kohli said, the company has committed to provide a total of Rs 2,400 crore.   

Out of the total sanctioned amount for the power project, about $446 million will be provided from IIFCL's UK subsidiary for purchase of equipment from overseas markets.In addition, Rs 400 crore will be provided to the power project, which yesterday tied up funds to the tune of Rs 14,500 crore.     

Among other entities which have agreed to fund the power project include, Power Finance Corporation, Rural Electrification Corporation, Punjab National Bank, Life Insurance Corporation, Axis Bank and IDBI Bank.